NFTs and the Law: US Agencies Declare No Need for New Regulations

2024-3-13 12:00

The recent joint study by the US Copyright Office and the US Patent and Trademark Office has concluded that the current legal framework adequately addresses the complex arena of non-fungible tokens (NFTs).

Initiated by a congressional request, the study aimed to scrutinize the intersection of NFTs with existing intellectual property (IP) laws.

Why NFTs Do Not Require Special Regulations?

After extensive research, including public roundtables and an analysis of case law, the finding concluded that there’s no need for new rules in the NFT domain.

“The report reflects extensive input from a broad spectrum of commenters, including creators, brand owners, innovators, academics, and practitioners. We look forward to continuing to engage with stakeholders on emerging technologies and implications for IP rights,” Shira Perlmutter, Director of the US Copyright Office said.

This pivotal conclusion emerges against a backdrop of a significant revival in NFT trading volumes. After a period of decline, the market is witnessing an uptrend, signaling a potential rebound in the NFT market.

However, it remains to be seen if this resurgence can return to the heights of the 2021-22 bull run, which saw trading volumes soar. As of writing, the NFT trading volume remains 75% below its peak.

Read more: 7 Best NFT Marketplaces You Should Know in 2024

NFT Weekly Volume. Source: Dune

However, recent legal victories have raised the industry’s confidence, like those of Yuga Labs, creators of the Bored Ape Yacht Club NFT collection. Their win in a copyright infringement lawsuit underscored the enforceability of digital asset copyrights. It also set a precedent for the application of IP laws in the NFT space.

Furthermore, the Offices recognized the transformative potential of NFTs for creators and brand owners. NFTs offer a novel approach for artists to receive compensation for secondary sales and for brands to enhance their appeal. However, this innovation also has its challenges. The study acknowledged the public’s concern over the opaque nature of NFT transactions and the potential for facilitating copyright and trademark infringement.

In response, the Offices emphasized the importance of public education and product transparency. Such initiatives are crucial for demystifying NFTs’ IP implications and fostering a clearer understanding among creators and consumers.

Read more: How To Create an NFT for Free Using Picsart

Moreover, the legalities surrounding NFTs are becoming increasingly defined. The MetaBirkins case, involving artist Mason Rothschild, presents a notable example. Rothschild’s challenge to a previous copyright infringement ruling against his NFT project brought attention to the nuances of applying traditional copyright laws to digital tokens.

The post NFTs and the Law: US Agencies Declare No Need for New Regulations appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Time New Bank (TNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.01 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 4.209b TNB

nfts need new regulations law agencies declare

nfts need → Результатов: 84


Spark Up Your Investment Portfolio with Sparklo (SPRK): The Innovative Platform for Investing in Precious Metals

Are you interested in investing in precious metals like silver, gold, and platinum but need more resources to purchase them outright? Sparklo, a new investment platform, is what you need! Sparklo allows users to invest in fractionalized NFTs backed by precious metals, making it possible for anyone to invest in these valuable commodities. How does […]

2023-4-19 08:28


Фото:

Are BudBlockz (BLUNT) And Maker (MKR) Worth It? Everything You Need To Know About These Promising Projects

Digital assets like cryptocurrencies and non-fungible tokens (NFTs) have taken the world by offering people a unique mechanism to leverage the potential of blockchain technology. Though NFTs are also built on distributed ledger technology like cryptocurrencies, one basic difference between the asset categories is that NFTs are not interchangeable. They are designed as collectibles in […]

2022-12-9 15:31


Orbeon Protocol: Connecting blockchain startups/investors via fractionalized NFTs

Orbeon Protocol is an investment platform that provides everyday investors with direct access to start-up companies and blockchain projects, preventing the need for huge investment capital. Currently,The post Orbeon Protocol: Connecting blockchain startups/investors via fractionalized NFTs appeared first on AMBCrypto.

2022-11-7 16:15


The Future of NFTs: Everything you need to know

The popularity of NFT artworks has suddenly increased. There is, however, a great deal of doubt. But anyway, NFTs are almost always associated with digital information. So, what distinguishes the possession of an NFT from taking a snapshot of a picture? What exactly is the “evidence of ownership” here?  Unfortunately, entering the NFT market isn’t […] The post The Future of NFTs: Everything you need to know appeared first on NFT News Today.

2022-6-6 06:51


NFT auction of Twitter’s first tweet flops spectacularly

A crypto entrepreneur who purchased an NFT of Jack Dorsey’s first tweet a year ago for $2.9 million is looking to resale it. Here is all you need to know The first Tweet As NFTs and digital collectibles gained mainstream attention last year, everyone started looking for how they could be a part of these […] The post NFT auction of Twitter’s first tweet flops spectacularly appeared first on NFT News Today.

2022-4-15 07:21


New York Vending Machine Dispensing Solana NFTs

Have you heard about the New York City-based vending machine that’s dispending Solana NFTs with a credit card – no need for crypto? Neon: Bringing NFTs to a Vending Machine near you In the world of NFTs, there are many marketplaces vying to be the go-to marketplace for NFT traders, and every marketplace employs strategies […] The post New York Vending Machine Dispensing Solana NFTs appeared first on NFT News Today.

2022-3-2 15:34